Georgia to start oil exploration in Black Sea

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Georgia will begin oil exploration on the Black Sea shelf in May 2022, Report informs, citing the Georgian Oil and Gas Corporation.

An Austrian company will carry out large-scale geological research. The total cost of the project is $30 million.

Georgia signed a production sharing agreement with OMV Petrom in April 2021. According to the document, the Austrian company has developed a 7-year action plan in Georgia.